Loss of padlock keys is a relatively common occurrence and such loss can present considerable difficulties when the padlock is secured in place to lock structures such as storage containers and storage facilities. One can, of course, employ tools such as high speed grinders to grind through the lock to destroy the lock mechanism so that the padlock shackle can be opened or use special cutters to cut through the shackle itself. Grinders and similar types of tools are relatively unsafe and not only can damage property but also cause harm to the individual employing them in an attempt to open a padlock. It is very difficult to cut or drill through a hardened casing to the lock mechanism since the location of such mechanism must be guessed and it is difficult to keep a rotational drill bit properly oriented. Bolt cutters have also been employed. However, certain types of padlock configurations are such that a bolt cutter cannot be properly positioned relative to the shackle of the padlock to sever it. The above-described methods also precludes any opportunity to substantially salvage the opened padlock for subsequent service.